In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is sinking lower. At the time of writing the benchmark index is down 2% to 5,885.8 points.
Four shares that have defied the selloff and pushed higher are listed below. Here’s why they are climbing higher today:
The BrainChip Holdings Ltd (ASX: BRN) share price is up 14% to 83 cents. Investors continue to buy the artificial intelligence technology company’s shares after it announced a collaboration with VORAGO Technologies at the start of the month. This collaboration intends to support a Phase 1 NASA program for a neuromorphic processor that meets spaceflight requirements. Today’s gain means BrainChip now has a market capitalisation of over $1.25 billion. Given its limited cash balance, I suspect the company may take advantage of its remarkable share price rise with a capital raising in the near future.
The Codan Limited (ASX: CDA) share price is up 1% to $10.98 after announcing a major new contract win. This contract is with a large African government to supply tactical communications equipment. Management advised that the contract has a value in the order of US$10 million and includes the supply of Sentry-HTM radios and accessories. It expects this order to be delivered in the second half of FY 2021.
The IPH Ltd (ASX: IPH) share price has climbed over 2% to $6.80. This is despite there being no news out of the intellectual property services company. However, late last month analysts at Goldman Sachs slapped a buy rating and $8.90 price target on the company’s shares. Some investors may believe it is a bargain buy and one to snap up during the volatility.
The Nufarm Limited (ASX: NUF) share price is up 3% to $4.25. This is the second day in a row of solid gains for the agricultural chemicals company. The catalyst for this appears to be a broker note out of Morgans this week. Its analysts upgraded Nufarm’s shares to an add rating with an improved price target of $4.85. While it expects a soft FY 2020 result later this month, its analysts suspect that this could be the bottom of the cycle.
These 3 stocks could be the next big movers in 2020
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More reading
- ASX 200 down 2.4%: Afterpay (ASX:APT) and Oil Search (ASX:OSH) sinking lower
- Brainchip (ASX:BRN) share price jumps 15% after ASX query
- Codan (ASX:CDA) share price charges higher on major new contract win
- Why BrainChip (ASX:BRN) and Recce (ASX:RCE) shares just hit record highs
- ASX 200 rises 1%, CSL (ASX:CSL) leads the way
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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